Money management key to planning for the unknown

One of the lasting effects of the recession may be seen in how people manage their money. Many Americans were forced to handle their finances differently after losing a job. With the unemployment rate remaining near 10 percent, a number of people are still learning how to live without as much money as they once did.

Author and broadcaster Tavis Smiley and Nationwide Insurance are offering a financial workshop in Baltimore to address financial planning. A survey commissioned by both parties found that nearly 90 percent of residents in the city are trying to build up an emergency fund.

In addition to having an emergency fund, consumers should also consider purchasing life insurance. Such policies can also help provide money in the event of the death of the policyholder.

Nationwide regional vice president Orysia Meyers says one of the lasting effects of the recession may be learning the importance of having money set aside.

"As America continues to see the long-term impact of the Great Recession, our safety nets are slowly diminishing and consumers are becoming more aware that fiscal accountability and responsibility is up to them," says Meyers.